X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

(To read more on the multifamily market, click here.)

ANAHEIM, CA-A private buyer and a private seller have struck a $38.65-million deal for the sale of the 261-unit Silver Pines apartment complex at 801 N. Loara St., one of two Anaheim apartment properties traded recently by Marcus & Millichap brokers. In the Silver Pines deal, the buyer gets a property in an Orange County apartment market that remains one of the strongest in the country, according to Alex Mogharebi of the Ontario office of Marcus & Millichap.

Mogharebi represented the seller, with the buyer represented by Joseph Berkson in the Newport Beach office of Marcus & Millichap. Mogharebi comments that Orange County’s multifamily investment market retains its strength in part because single-family home prices in Southern California, coupled with steadily rising interest rates, have pushed people out of home ownership and into apartments.

Berkson notes that the Silver Pines property sold at a 4.8% cap rate and a 10.68 gross rent multiplier. Built in 1961, Silver Pines Apartments features a variety of floor plans ranging from studio sizes to one-bedroom, two-bedroom and three-bedroom units on a total of 7.2 acres. Amenities include two swimming pools and a fitness center.

In the other Anaheim deal, Koyl LLC bought a 28-unit complex at 536-539 and 618-624 N. Anna Dr. for $3.45 million from the Hitzler Family Trust, which had owned it since 1996. Mark Bridge of Marcus & Millichap represented the buyer, with the seller represented by Jonathan Mitchell and Tyler Leeson.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

 

GlobeSt. Multifamily Spring 2022 (Formerly APTS)Event

Join 1000+ of the industry's top owners, investors, developers, brokers & financiers at THE MULTIFAMILY EVENT OF THE YEAR!

Get More Information
 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt
Live Chat

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.